Perhaps it's a rogue Shinigami who doesn't want Naruto to figure out how to control his new form. This Shinigami might fear that Naruto could disrupt the balance between Hollows and Shinigami if he becomes too powerful in his hollow state. So, he tries to stop Naruto at every turn, creating a lot of conflict in the fanfiction.
It could be a powerful Hollow that has somehow broken free from the normal Hollow hierarchy and is causing chaos in the Soul Society. This Hollow might have a special ability that makes it difficult for the Soul Reapers to defeat it, and Naruto, as the new Soul Reaper, has to figure out a way to stop it.
There's also the possibility that a group of rogue ninjas, who have banded together after being ostracized for their interest in the godlike hollow powers, become the antagonists. They might believe that Naruto is misusing or hoarding these powers and decide to take them by force, leading to a series of intense battles between them and Naruto.
In this fanfiction, Naruto's death could be a sacrifice. As a hollow, he could start off being very confused. His ninja skills might be warped in this new form. For example, his Rasengan could turn into some sort of dark energy blast. He might also meet other characters from the Naruto world who have also had strange after - deaths, and together they try to find a way to either move on or return to their normal state.
It could be a powerful ninja who has been corrupted by Hollow powers. He or she might have sought out these powers in a quest for ultimate strength and then turned on the Hidden Villages. This character would use their new - found Hollow - like abilities, such as high - speed regeneration and powerful energy attacks, to cause chaos.
It could be a new character created just for the fanfiction. Maybe a rogue ninja who has mastered a dark and powerful jutsu that Naruto has no defense against. This antagonist could be seeking revenge on Konoha for some past wrong and sees Naruto as the biggest threat to his plans.
It could be someone who was secretly behind Naruto's death in the first place. Maybe a rogue ninja who has a vendetta against the Hidden Leaf and saw Naruto as a major obstacle.
It could be an ancient evil that was sealed away long ago but has been released due to Naruto's death. Maybe Naruto's sacrifice in his previous life weakened the seal, and now this evil has emerged. It could be a powerful demon or a dark ninja with extremely strong and malevolent jutsu.
It could be Orochimaru. Since Naruto was a potential threat to his plans in the original story, if Naruto died as a baby, Orochimaru might be able to carry out his experiments and schemes more freely without having to worry about Naruto interfering in the future.
It could be an unknown shinobi from a far - off land. A shinobi with powers that Naruto has never encountered before. This new antagonist might have some dark and powerful jutsu that Naruto simply isn't prepared for, which ultimately leads to his downfall on the bridge.
A rogue ninja from another village could be the main antagonist. Maybe a ninja from the Hidden Mist Village who has a personal grudge against Konoha and sees Naruto as the symbol of Konoha's strength. So, he devises a complex plan to take down Naruto. This ninja could have some unique and deadly jutsu that Naruto has never faced before, which ultimately leads to his downfall.